Feeding Frenzy: House in The Beach Goes for $600K Over Asking Price
A house on Munro Park in The Beach with an asking price of $1.3M recently sold for an incredible $1.9M - roughly $600,000 over the asking price. The event set off a bit of a media storm as everyone from 680 News to CTV to The Financial Post covered the story this week. 680 News even called me to weigh in on the issue.
It's becoming the year of the bidding war as the Toronto Real Estate Market isn't showing any signs of slowing down any time soon. The summer months of July and August are traditionally a slow time of year in Real Estate-but not this year. Properties are regularly selling for over their asking price all over the city and the idea of getting a bargain has become like the quest for the Holy Grail.
The people most affected by all this-prospective buyers-are getting fed up. Some are relieving their frustration by acting irrationally and they end up overpaying for a property just for the sake of buying something. Others are packing it in and deciding to rent and wait for the market to cool off. And still others are starting to call for reforms and greater transparency for the entire multiple offer process. I for one welcome the idea of reviewing the process in the hopes of increasing a sense of fairness and transparency for buyers and sellers alike.